Axis Bank Ltd, India’s 3rd largest private sector bank, made a multi-year agreement with Amazon Web Services (AWS), the cloud computing arm of Amazon to build a portfolio of new digital financial services with technology changes, and new payment modes for better banking experiences to customers.
- Axis Bank has selected AWS as a cloud provider to meet the digital banking service demand of its over 200 million customers.
Purpose of the Agreement:
i.Easy account opening: Under the agreement, the bank intends to provide online accounts that could be opened in less than 6 minutes to make instant digital payments. Through which the bank hopes to increase customer satisfaction by 35 percent and lower costs by 24 percent.
ii.The bank plans to convert 70 percent of its on-premises data centre infrastructure to the cloud in the next 2 years, to further reduce cost, improve agility, and improve customer experience.
Digital Initiatives of Axis Bank:
i.ii.So far, Axis Bank has deployed over 25 mission-critical applications on AWS, including a Buy Now Pay Later product, Account Aggregator, Video-Know Your Customer (V-KYC), and WhatsApp Banking.
The bank used the Amazon Elastic Compute Cloud (Amazon EC2) to find the workloads on-demand to support 10 million daily real-time payments through the Unified Payments Interface (UPI).
iii.It also uses the Amazon Elastic Kubernetes Service (Amazon EKS), to provide the bank customers with the flexibility to start, run, and scale Kubernetes applications on AWS.
iv.It has built fully digital offerings viz, LEAP savings account with a virtual debit card, NOVA online current account, and OLIVE credit card engagement platform.
v.It has set a cloud centre of excellence to accelerate its cloud migration and set the digital foundation for innovating new services.
vi.In 2020 the bank decided to deploy its all-new customer-facing applications on AWS, so far it has deployed 15 percent on the cloud, and it aims to include 70 percent in 3 years.
Recent Related News:
On March 18, 2021, A Statement of Intent (SoI) was signed between The Atal Innovation Mission (AIM), NITI Aayog, and Amazon Internet Services Private Limited(AISPL), a local legal Indian entity of Amazon Web Services(AWS) to strengthen the innovation and entrepreneurship ecosystem in India.
About Axis Bank:
Establishment –1993 (Commenced operation –1994)
MD & CEO – Amitabh Chaudhry
Headquarters – Mumbai, Maharashtra
Tagline – Badhtika Naam Zindagi
About Amazon Web Services (AWS):
Establishment – 2006
Headquarters– Seattle, Washington, USA
CEO– Andy Jassy